CHARLOTTE, N.C., Feb. 24,
2023 /PRNewswire/ -- The Board of Directors of The
Cato Corporation (NYSE: CATO) declared a regular quarterly dividend
of $0.17 per share. The dividend will
be payable on April 3, 2023 to
shareholders of record on March 21,
2023.
The $0.17 dividend, or
$0.68 on an annualized
basis, represents an annualized yield of 7.4% at the closing
market price on February 23,
2023.
The Company also announced that its Board of Directors has
authorized a 1,000,000 share increase in the Company's share
repurchase program. Prior to this authorization, the Company had
approximately 135,000 shares remaining in open authorizations.
Purchases under the share repurchase program will be made from time
to time on the open market or in privately negotiated transactions
and will be subject to market conditions and applicable SEC rules.
The board's last authorization was in 2022.
John Cato, the Company's
Chairman, President and Chief Executive Officer, commented that,
"We believe the additional share authorization for our stock
repurchase program will be beneficial to Cato, while enhancing the
value of our long-term shareholders' investment. The Company's
substantial cash reserves enable the Company to opportunistically
repurchase shares, maintain the financial flexibility to pay
regular dividends, while also allowing investments in our
infrastructure and future growth initiatives."
The Cato Corporation is a leading specialty retailer of
value-priced fashion apparel and accessories operating three
concepts, "Cato," "Versona" and "It's Fashion." The Company's Cato
stores offer exclusive merchandise with fashion and quality
comparable to mall specialty stores at low prices every day. The
Company also offers exclusive merchandise found in its Cato stores
at www.catofashions.com. Versona is a unique fashion destination
offering apparel and accessories including jewelry, handbags and
shoes at exceptional prices every day. Select Versona merchandise
can also be found at www.shopversona.com. It's Fashion offers
fashion with a focus on the latest trendy styles for the entire
family at low prices every day.
Statements in this press release that express a belief,
expectation or intention, as well as those that are not a
historical fact, including, without limitation,
statements regarding the Company's expected or estimated
operational financial results, activities or opportunities, and
potential impacts and effects of the coronavirus are considered
"forward-looking" within the meaning of The Private Securities
Litigation Reform Act of 1995. Such forward-looking
statements are based on current expectations that are subject to
known and unknown risks, uncertainties and other factors that could
cause actual results to differ materially from those contemplated
by the forward-looking statements. Such factors
include, but are not limited to, any actual or perceived
deterioration in the conditions that drive consumer confidence and
spending, including, but not limited to, prevailing social,
economic, political and public health conditions and uncertainties,
levels of unemployment, fuel, energy and food costs, wage rates,
tax rates, interest rates, home values, consumer net worth and the
availability of credit; changes in laws or regulations affecting
our business including but not limited to tariffs; uncertainties
regarding the impact of any governmental action regarding, or
responses to, the foregoing conditions; competitive factors and
pricing pressures; our ability to predict and respond to rapidly
changing fashion trends and consumer demands; our ability to
successfully implement our new store development strategy to
increase new store openings and the ability of any such new stores
to grow and perform as expected; adverse weather, public health
threats (including the global coronavirus (COVID-19) outbreak) or
similar conditions that may affect our sales or operations;
inventory risks due to shifts in market demand, including the
ability to liquidate excess inventory at anticipated margins; and
other factors discussed under "Risk Factors" in Part I, Item 1A
of the Company's most recently filed annual report on Form
10-K and in other reports the Company files with or furnishes to
the SEC from time to time. The Company does not undertake to
publicly update or revise the forward-looking statements even if
experience or future changes make it clear that the projected
results expressed or implied therein will not be realized. The
Company is not responsible for any changes made to this press
release by wire or Internet services.
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SOURCE The Cato Corporation
